NFT Investors Dump Blue-chip NFTs Over Ordinals – Bitcoin NFT Sales Rise Four-Fold

Updated: 20 November 2023

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The non-fungible token market has experienced exponential growth in recent days, gaining more momentum with businesses, institutions, and crypto investors than in previous months. As a result, most NFT projects, including ordinals, have flourished to new record highs.

Bitcoin Ordinals, the non-fungible token projects established on the Bitcoin blockchain network, are perfect projects that have recorded significant gains in recent days. Earlier this month, Bitcoin Ordinals once again received a warm reception among NFT investors, the move that left its sales surpassing Ethereum NFT sales for the first time in short crypto history.

Bitcoin Ordinals Sales Rise Four-Fold In The Past 24 Hours

Data fetched by CryptoSlam.io, an on-chain crypto market aggregator, shows that most Ethereum-based NFTs have lost their initial hype and dominance to the new champions, Bitcoin Ordinals. In the past 24 hours, Bitcoin Ordinals have recorded a sales volume of $31 million.

During this period, Bitcoin’s ordinal sales are four-fold that of Ethereum, which has just recorded a trading sales volume of $7.7 million. The trading analysis confirms that many NFT investors have dumped other NFTs, including Ethereum NFTs, over Bitcoin Ordinals.

Based on cryptoslam.io data, no Ethereum-based NFT collections are currently in the ten top-selling NFT list. In the past 24 hours, the Van Gogh NFT collection led the category, raising a trading sales volume of $4.3 million. During this period, Bitcoin-based Van Gogh NFTs are up 175% in sales.

Following in cryptoslam.io NFT lists is a collection of BRC-20 NFTs, including $SAT, $RAT, and $BTCs, dominating the subsequent nine ranks in the ten top-selling NFT collections. Out of the ten top-selling NFT collections, Gods Unchained ranks position nine, raising a trading sales volume of just $1.4 million.

Blue-chip NFTs Lose Their Initial Hype

Blue-chip NFTs have lost their initial hype in recent days. During the previous 2021 NFT Bull Run, many Ethereum-based NFTs dominated the NFT sales, selling for millions of dollars. Sadly, amid the short crypto market rally, some of these NFTs have shrunk in sales volume.

Bored Ape Yacht Club, one of the all-time top-selling blue-chip NFT collections hosted on the Ethereum network, is a perfect example, amassing just $982,741 in the past 24 hours. Mutant Ape Yacht Club is another NFT collection that has shrunk in sales recently. During this period, the Bored Ape and Mutant Ape NFT collection ranked 12 and 19 in our top-selling NFT list.